Pacific Ridge: MRE shows 1.11 Billion Pounds Copper and 2.74 Million Ounces Gold at Kliyul Project

• Pacific Ridge Exploration reported an initial 43-101 resource estimate for the Kliyul project showing 334 million tons at 0.33% copper equivalent, containing 2.42 billion pounds copper equivalent (including 1.11 billion pounds copper, 2.74 million ounces gold, and 10.22 million ounces silver)
• The company secured backing from the Fiore Group through a $3 million financing in June 2025, providing validation and access to capital while increasing market cap from $3 million up to C$14 million
• Active drilling programs at both Kliyul (the flagship copper-gold porphyry) and RDP (which returned 107 meters of 1.4% copper equivalent in 2022)
• The Kliyul main zone (KMZ) represents just one target along a 6-kilometer mineralizsed trend with five additional poorly-tested or untested targets offering discovery potential beyond the current resource
• Awaiting drill results from 2025 programs at both RDP and Kliyul, with management prioritising new discoveries over infill drilling to maximise shareholder value in the current market environment

In a detailed interview, Blaine Monaghan, President and CEO of Pacific Ridge Exploration Limited, outlined the company's strategy to become British Columbia's leading copper exploration company. With copper prices strengthening and the broader commodities market attracting renewed investor interest, Pacific Ridge finds itself at a pivotal moment following the announcement of its maiden resource estimate and the completion of two significant drill programs. Despite trading at ~ $14 million market capitalisation, Monaghan makes a case that the company remains significantly undervalued relative to its asset base and peer group comparisons.

Recent Corporate Milestones Driving Market Performance

Pacific Ridge has experienced considerable momentum since early 2025, though Monaghan acknowledges investor skepticism about whether the story has truly "caught fire." When pressed on this point, he noted significant progress: 

"I believe that it was early June, just after we closed a $3 million financing that the Fiore Group helped lead, we were at about a 3 million market cap. Today, we're at about a 14 million market cap...I don't think that we are fairly valued, but we certainly have been trending in the right direction and I think that trend is going to continue"

This nearly five-fold increase in valuation occurred alongside several key corporate developments, including the announcement of the company's initial 43-101 technical report for the Kliyul project and the completion of drilling at both Kliyul and the RDP project.

Strategic Partnership Delivers Validation with Capital Access

A transformative development for Pacific Ridge came through its partnership with the Fiore Group, which led to a $3 million financing in June 2025. According to Monaghan, this relationship provides two critical benefits that fundamentally altered the company's trajectory. The first centers on validation, as one of the strongest mining houses around, backed by a billionaire and supported by a strong technical team with excellent deal flow, chose to support Pacific Ridge after thorough due diligence.

The validation aspect cannot be understated for a junior exploration company. Having a well-respected mining house with substantial financial backing conduct due diligence and choose to invest provides third-party endorsement of both management capabilities and project quality. The second benefit - access to capital -proved immediately impactful. That $3 million cash injection enabled management to complete the resource estimate and get back to drilling, which provided the additional catalysts that would drive the stock from a $3 million market cap to $14 million.

Monaghan contextualizsed the importance of this financing within the broader market conditions, noting that the first and second quarters of 2025 were just as bad as they had ever been before the dramatic turnaround in commodity prices and junior mining sentiment that followed. The timing of the Fiore Group's investment proved critical, arriving just as the market began its recovery.

The Kliyul Project Emerges as the Flagship Asset

The Kliyul project represents Pacific Ridge's flagship asset, and the company's focus has culminated in reporting a maiden resource estimate that forms the foundation for current valuation arguments. The initial 43-101 resource estimate shows 334 million tons at 0.33% copper equivalent, translating to 2.42 billion pounds of copper equivalent. This includes 1.11 billion pounds of copper, 2.74 million ounces of gold, and 10.22 million ounces of silver - all in the inferred category. Monaghan expressed satisfaction with achieving historical targets: 

"Our minimum goal for Kliyul main deposit was 250 million tons of about 0.4 copper equivalent. So I'm quite pleased with this initial resource because it's well in excess of that on the tonnage front."

While acknowledging that grades came in slightly below the 0.4% copper equivalent target, he believes infill drilling can improve grade estimates while also expanding tonnage through resource extension drilling. The resource remains open in multiple directions, providing clear pathways for growth.

Interview with Blaine Monaghan, CEO of Pacific Ridge Exploration Ltd.

Technical Considerations Guide Resource Strategy

The resource estimate employed a 0.2% copper equivalent cutoff grade, a choice that aligns with peer company methodologies. As Monaghan explained: 

"The 0.2 copper equivalent is basically what a lot of our peer companies have used when also calculating the resources." 

The independent technical team evaluated cutoffs ranging from 0.15% to 0.3%, ultimately determining that 0.2% represents an appropriate threshold for porphyry deposits in British Columbia.

A distinguishing feature of the Kliyul deposit is its geological continuity. Unlike some peer projects with multiple discrete zones, Kliyul’s mineralization is "hosted in just one zone. It is contiguous. It is a current resource and it remains open both through infill and resource expansion." 

This characteristic potentially simplifies future development scenarios and distinguishes Pacific Ridge from competitors with more complex geological settings.

The Gold Equivalency Perspective

An interesting aspect of the Kliyul story that Monaghan emphasised involves reframing the deposit from a gold-centric perspective. While marketed primarily as a copper-gold porphyry to facilitate peer comparisons, the deposit could alternatively be characterized as containing 5.7 million ounces gold equivalent. As Monaghan put it: 

"This is a copper gold porphyry, not to denigrate other porphyries, but I'd much rather have a copper gold porphyry than a copper molybdenum porphyry."

When asked why the company doesn't emphasise the gold equivalent framing more prominently, Monaghan explained it's primarily for comparative purposes:

"There aren't many peers for us to compare ourselves to in BC. So using the copper equivalent is just sort of a handy way that we can quickly compare ourselves to some other copper porphyry peers in BC and demonstrate just how undervalued we are."

Resource Growth Strategy Targets Adjacent Exploration Opportunities

Having established a baseline resource at Kliyul main zone, Pacific Ridge now faces strategic decisions about capital allocation. Monaghan articulated a clear philosophy favouring discovery over incremental resource expansion: 

"Kliyul main zone is a good base, we can continue to grow it, but honestly right now those meters would be better spent on trying to make new discoveries."

This approach reflects both economic calculation and opportunity -cost analysis. The Kliyul main zone represents just one target along a 6-kilometer mineralized trend. Five additional targets - Ginger, Ginger South, Parish Hill, Bap Ridge, and M39 - have received minimal or no drill testing. Each could potentially host additional porphyry deposits that would dramatically increase the project's overall tonnage and value.

Monaghan highlighted particular excitement about a target identified through last year's ZTEM (Z-Axis Tipper Electromagnetic) survey: 

"It has a very similar magnetic signature to the Kliyul main zone. It's a little bit to the north. It's a target that absolutely has to be tested. Ultimately it may show that the Kliyul main zone is just one small part of a larger system."

While this target shows promise based on geophysical signatures,  induced polarization (IP) surveys would provide additional confidence before committing drill meters. This represents one component of the 2026 exploration planning process.

The RDP Project: High-Grade Discovery Potential

While Kliyul anchors Pacific Ridge's valuation story, the RDP project approximately 40 kilometers to the west offers significant blue-sky discovery potential. In 2022, when the project was under option to Antofagasta - one of the world's largest copper producers - a drill program returned a standout intercept of 107 meters grading 1.4% copper equivalent. Monaghan believes this result didn't receive appropriate market attention at the time: 

"I think that just kind of snuck under the radar screen at the time just because it was an option partner that funded it. The markets certainly aren't as robust as they are today."

With RDP now back under full company control and market conditions improved, Pacific Ridge returned to the project in 2025.The strategic rationale for revisiting RDP stems partly from a comparable success story nearby. As Monaghan explained: 

"Amarc just up the road reported a very similar intercept. It's in the same terrain, same host rocks and their share price quintupled and today they have a 250 million market cap." 

If Pacific Ridge can replicate similar results in the current favourable market environment, the valuation implications could be substantial.

The 2025 drill program at RDP consisted of five holes totalling 2,100 meters, with copper sulfides intersected in all five holes along with vizsla copper mineralization. Results remain pending and represent a significant near-term catalyst.

Metallurgical Work Provides the Next Step Toward Development

With an initial resource now defined, the natural progression involves metallurgical testing to understand potential recovery factors and processing characteristics. Monaghan acknowledged this work remains ahead: 

"That's something we have to do. That is part one of the recommendations of the technical report. It's not an expensive component. I think it was budgeted at about $50,000."

While no definitive metallurgical test work has been completed, early indications suggest relatively straightforward processing. The independent technical team used recovery assumptions based on comparable deposits and operating mines when preparing the resource estimate, providing reasonable confidence that no deleterious characteristics will emerge.

Regarding the broader question of whether junior companies should pursue porphyry projects - often criticised as too capital-intensive for small explorers - Monaghan pointed to successful precedents: 

"More recently GT Gold a number of years ago, they were successful in delineating a significant resource and ultimately transacting with Newmont." 

This example demonstrates that juniors can create substantial value in the porphyry space without necessarily advancing projects to production themselves.

Geographic Proximity Creates Capital Efficiency Through Project Synergies

One often-overlooked aspect of Pacific Ridge's strategy involves the geographic proximity of Kliyul and RDP. At just 40 kilometers apart, the company can efficiently mobilise resources between projects: 

"That was one of the reasons why we always liked RDP. Kliyul has always been the focus, but RDP is only about 40 km to the west. So it's always made a lot of sense to advance these projects simultaneously to help keep your cost down."

This operational efficiency became evident in the 2025 field season, where the company established a camp at Kliyul and shuttled personnel daily to RDP, enabling drilling at both properties while controlling overhead costs. Having spent approximately $15 million at Kliyul over multiple years to generate the current resource, the company demonstrates capital discipline while maintaining exploration momentum.

Strategic Priorities Shape 2026 Planning

As Pacific Ridge awaits results from its 2025 drill programs, planning for 2026 remains fluid and data-dependent. Monaghan emphasised that market response to pending results will help determine capital allocation: 

"We're going to be waiting for results from RDP and Kliyul and we also have to see how the market responds to that and if the market responds heartedly that will help us determine just exactly what we should focus on and how much."

The company faces several attractive options: continued resource expansion at Kliyul main zone, first-pass drilling at untested targets along the 6-kilometer trend, follow-up work at RDP if 2025 results warrant it, and additional geophysical surveys to refine targets. Each path offers distinct risk-reward profiles, and the optimal allocation will depend on results quality, market conditions, and capital availability.

The Investment Thesis for Pacific Ridge Exploration

• Compelling Relative Valuation: At a ~ $14 million market cap, Pacific Ridge offers exposure to 2.42 billion pounds copper equivalent (5.7 million ounces gold equivalent) for approximately $5.80 per  thousand pound - a significant discount to peer companies trading at 3-5x higher multiples
• Strategic Backing and Validation: Partnership with the Fiore Group (backed by billionaire capital) provides both financial support and third-party validation of management and asset quality, reducing execution risk perception
• Dual-Asset Optionality: Kliyul provides baseline value with an inferred resource of 334 million tons, while RDP offers high-grade discovery potential with a historical intercept of 107m @ 1.4% copper equivalent, comparable to nearby success stories
• Resource Expansion Runway: Kliyul main zone remains open in multiple directions with five additional untested targets along a 6km mineralized trend, offering significant blue-sky potential beyond the current resource estimate
• Copper-Gold Exposure in a Favourable Macro Environment: Positioning in British Columbia's established mining jurisdiction with a copper-gold porphyry (rather than copper-molybdenum) aligns with strengthening commodity prices and increasing focus on copper supply constraints
• Near-Term Catalysts: Pending drill results from both Kliyul (2 holes, 1,300m) and RDP (5 holes, 2,100m) provide immediate potential for value inflection, with vizsla copper mineralization already confirmed at both properties
• Capital Efficiency Model: Geographic proximity of Kliyul and RDP (40km apart) enables simultaneous advancement while controlling costs, with demonstrated ability to deliver a significant resource for ~$15 million in cumulative spending
• Clear Path to Liquidity Event: Historical precedent (GT Gold/Newmont transaction) demonstrates juniors can create substantial shareholder value in the porphyry space through resource delineation without requiring mine development capital

Macro Thematic Analysis

The global energy transition and electrification mega-trend positions copper as one of the most critical commodities for the coming decades. Electric vehicles require approximately four times the copper content of internal combustion vehicles, while renewable energy infrastructure (wind turbines, solar installations, grid expansion) demands substantial copper inputs. Simultaneously, traditional copper supply faces challenges including declining ore grades at existing mines, lengthy permitting timelines for new projects, and underinvestment in exploration during the prior commodity downturn.

This supply-demand imbalance has caught the attention of major financial institutions and industry participants, with copper prices strengthening throughout 2025. British Columbia offers a particularly attractive jurisdiction for copper exploration, combining established mining infrastructure, favorable geology for porphyry deposits, and relative political stability compared to many copper-producing regions globally. The province's historical success with porphyry discoveries—from Highland Valley to more recent examples like GT Gold—demonstrates the district's endowment.

For junior exploration companies like Pacific Ridge, the current environment presents optimal conditions: rising commodity prices improve project economics, institutional capital shows renewed interest in the sector, and strategic acquirers actively seek quality copper assets to replenish reserves. As Monaghan noted regarding market timing: 

"It's really interesting to see just how violent this turnaround has been and with the resources that we have, the backing that we have, the projects that we have, I'm expecting us to ride this." 

This convergence of supply constraints, demand growth, and favourable market sentiment creates a compelling backdrop for copper-focused explorers advancing quality assets in tier-one jurisdictions.

TL;DR

Pacific Ridge Exploration offers leveraged exposure to copper-gold discovery and resource expansion in British Columbia at a ~$14 million market cap - representing approximately $5.80 per thousand pound of the 2.42 billion pound copper equivalent resource at its Kliyul project. With strategic backing from the Fiore Group, pending drill results from two projects including a high-grade copper-gold target at RDP, and significant expansion potential along a 6-kilometer mineralised trend with multiple untested targets, the company trades at a substantial discount to peer companies valued at 3-5x higher multiples despite comparable asset profiles.

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